Hot economist Nouri al Roubini isn't optimistic about the economic outlook if the United States, among other countries, doesn't get its debt situation under control.

He's calling on governments to cut spending and raising taxes, but doubts any one government has the political capital to do it. He recommends getting more into cash, and possibly buying protection with options, though he notes that's gotten expensive. As for the double dip question, he sees the risk everywhere from Europe to Japan to the US.